Bill Text: NY A04511 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to the definition of loss costs for purposes of workers' compensation insurance; removes loss adjustment expenses from calculation.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2020-07-06 - enacting clause stricken [A04511 Detail]
Download: New_York-2019-A04511-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4511 2019-2020 Regular Sessions IN ASSEMBLY February 4, 2019 ___________ Introduced by M. of A. CRESPO -- read once and referred to the Committee on Labor AN ACT to amend the insurance law, in relation to the definition of loss cost for purposes of workers' compensation insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (g) of section 2304 of the insurance law, as 2 added by chapter 11 of the laws of 2008, is amended to read as follows: 3 (g) "Loss costs," for the purpose of workers' compensation insurance 4 in this article, means that portion of a rate intended to represent the 5 anticipated costs of claim payments [and loss adjustment expenses asso-6ciated with such claim payments], and may include one or more trend 7 factors. Loss costs do not include provisions for expenses [(other than8loss adjustment expenses)] such as loss adjustment expenses, acquisition 9 costs, overhead and taxes, or profit. For all other purposes, the super- 10 intendent, except as otherwise provided in this chapter, may promulgate 11 regulations defining loss costs. 12 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07748-01-9